Risk appetite reignites, Japanese and South Korean stock markets rebound sharply, with the Korea Composite Stock Price Index soaring 12% triggering a circuit breaker, Samsung Electronics rising 13%, and SK Hynix increasing by 15%
The MSCI Asia-Pacific Index rose 1.2% to 242.09 points. The Nikkei 225 Index opened up 1.8%, and then the gain of the Nikkei 225 Index expanded to 4%, with Advantest and SoftBank Group rising over 6%. South Korean chip giants Samsung Electronics and SK Hynix recorded astonishing gains of 13% and 15%, respectively. Analysts believe that this almost violent price correction indicates that when panic subsides slightly, previously indiscriminately sold high-quality tech assets immediately become the preferred choice for capital to rush in
Driven by strong U.S. service sector data, signs of cooling inflation, and the overnight rise of tech giants, U.S. stocks have led to a strong rebound in the Asia-Pacific and European markets, with risk appetite showing initial stabilization. At the same time, the U.S. dollar weakened under pressure, boosting precious metal prices and some non-U.S. currencies.
Data shows that the growth rate of the U.S. service sector economy reached its fastest level since mid-2022, while the price index fell to its lowest point in nearly a year, alleviating some market concerns about inflation. Despite the "huge headwinds" posed by war and concerns over artificial intelligence for risk assets, Goldman Sachs' Peter Oppenheimer stated that economic strength and robust earnings mean that the extent of any pullback will be limited.
On Thursday, the MSCI Asia-Pacific Index rose 1.2% to 242.09 points. The South Korean stock market, which was mired in the "worst crash in history" just yesterday, staged an exaggerated V-shaped recovery in the early trading session today. The Seoul Composite Index opened 3.1% higher and continued to rise, with gains at one point expanding to an astonishing 12%, briefly triggering a market circuit breaker due to the rapid increase.
The South Korean chip giants Samsung Electronics and SK Hynix recorded astonishing gains of 13% and 15%, respectively. Analysts believe that this almost violent price correction indicates that when panic subsides slightly, previously indiscriminately sold high-quality tech assets immediately become the preferred choice for capital inflows.
The Nikkei 225 Index opened 1.8% higher, and then the gains expanded to 4%, with Advantest and SoftBank Group rising over 6%.
As the South Korean stock market soared, cryptocurrencies did not experience a significant pullback, with Bitcoin prices stabilizing around $73,000 in early trading, while Ethereum fell slightly by 0.8%.
After a decline overnight, the U.S. dollar index consolidated within a narrow range today, while precious metals continued their overnight rebound. Gold prices rose by 0.68%, and spot silver increased by nearly 0.9%.
Notably, spot platinum rose nearly 3%, approaching the $2,200 mark. The World Platinum Investment Council stated on Wednesday that the global platinum market is expected to experience a supply shortage for the fourth consecutive year, with a projected shortfall of 240,000 ounces by 2026.
